Form: AA - Annual Accounts

FULL ACCOUNTS MADE UP TO 31/03/10

Filed on: 7 Jan 2011

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Reg steed number: ########
WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED ## MARCH ####
IlllllllIWIIIIIIllIIIINIIIUII/IlllllllHIIII
ATPOUQDP'
A## ##/##/#### ###
COMPANIES HOUSE

DII‘e\Oi’S
Company secretary
Company number
Registered office
Auditors
Bankers
WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
COMPANY INFORMATION
D J Purdon
K P Burns
R P Ovens
I J Webb
A Baker
I J Webb
########
Kennet Way
Canal Road industrial Estate
Trowbndge
Wlltshlre
BA## #BL
PKF (UK) LLP
#Nd Floor
# Redchff Street
Bristol
BS# SNP
HSBC Bank PLC
## Fore Street
Trowbndge
Wlltshlre
BA## #EL

WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
CONTENTS
Page
Directors' report # - #
Statement of directors' responsibilities #
Independent auditors' report # - #
Profit and loss account #
Statement of total recognised gains and losses #
Balance sheet # - ##
Cash flow statement ##
Notes to the financial statements ## - ##

WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED ## MARCH ####
The directors present their report and the Financial statements for the year ended ## March ####
Principal activities
The company‘s principal activity continued to be that of an electrical wholesaler
Business review and future developments
In the year ended ## March ####, total revenues declined by ##% to £## #m Excludrng the impact of six
branches closed or sold in the year, like for like sales fell to £## #m Gross margin fell by # #opts to ## #%
Operating loss, before interest but after exceptional costs of £# #m relating to branch closures and
reorganiser costa, was £# #m (#### operating profit £# #m) Bad debt costs remained constant year on
year at £# m
At ## March #### the company had net assets of £## #m (#### £## #m) after fully recognised pension
obligation of £# #m (#### £# Om) Net current assets were healthy at £# #m (net current assets were £# #m
excluding current balances with subsidiaries) Net debt Increased during the year by £# #m to £## #m, of which
£# #m IS term debt repayable over more than one year
The company saw a sharp downturn in the electrical wholesale market caused by the severe contraction of the
UK economy following the banking crisis which began in late ####
Management implemented a cost reduction programme, reducing the central and branch costs and
consolidating the branch network, closing six branches At #St Aprll #### the company operated from ##
branches throughout southern and central England and South Wales
The business continues to place the highest priority on customer service and in October #### was presented
with the Wholesaler of the Year for the second year running at the Electncal Industry Awards #### The leading
industry awards, organised by Electrrcal Times magazine, gives reward and recognisable to the best in the
industry
Smce the year end market conditions have remained tough and rt is expected that trading will continue to be
challenging for at least the next twelve months, although like for ill<e sales have begun to show a modest
recovery in the current year Management IS therefore continuing to focus on achieving cost reductions and
strong cash flow generation to position the business to dive competitive advantage through enhanced
customer SSNICS
The Board has worked closely with nets bank, HSBC, throughout the period under review and has implemented
strong controls over WOFKIDQ CBDITSI A commentary on the going concern accounting basis IS set out in note # #
to these financial statements
Desplte reductions in headcount dung the year and since the year end, staff and key suppliers continue to be
SUPPOITIVG and have embraced our proposed changes On ##Th November ####, Davrd Purdon stood down as
managing director of the company after ## years in the role He will remain as a non-executive director
Key Performance indicators
As the business environment has changed, management has shifted focus onto gross profit and working
capital based measures Workmg capital management has improved considerably in the last two years Gross
margin has been under pressure commercially and remains a key area of focus
####/## ####/## ####/O# ####/##
Cash operational cycle (in days) ## ## ## ##
Gross profit margin percentage ## #% ## #% ## #% ## #%
Change in turnover from previous year -##% +#% +##% +##%
Page #

WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED ## MARCH ####
Results and dividends
The loss for the year, after taxation, amounted to £#,###,### (#### - £#,###,### profit)
The directors have declared and paid ordinary dividends on the equity share capital amounting to £##,###
(#### - £##,###) during the year
Directors
The directors who served during the year were
D J Purdon S D Habgood (resigned # October ####)
R P Ovens K P Bums
M V Lewrs (resigned ## July ####) I J Webb
A Baker (appointed ## November ####)
Charitable contributions
During the year the company made various charitable donations totalling £#,### (#### - £##,###)
Land and buildings
The directors do not believe there to be a substantial difference between the market value of land and Burlingame
and the balance sheet value
Financial instruments
Cash at bank, hire purchase contracts, various bank loans, and an overdraft facility are the financial
Instruments used to raise adequate finance to marital aNd develop the company’s operations
The main asks arising from these Hnancral Instruments are Interest rate fluctuations on those bank loans at
variable Interest rates, and the overdraft facility
Tight control of trade debtors IS a key management control as is adherence to paying creditors to achieve
maximum available settlement discounts
Principal risks and uncertainties
The principal asks and uncertainties facing the company relate to the current economic conditions and the
Impact this may have on the group‘s customers and suppliers
Environmental matters
The company IS committed to obtainable the quality assurance certificate for Environmental Practices
Employee involvement
The company’s policy IS to consult and discuss with employees matters likely to affect employees' Interests
Employees participate directly In the success of the business through the company‘s bonus scheme
Page #

WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED ## MARCH ####
Disabled employees
The company fully supports the principles of equal opportunities and opposes all forms of unlawful or unfair
dominatrices
Discrimination IS defined as treating a person less favourably than others are, or would be, treated in the same
or similar circumstance, based on grounds of their sex, manta stats, sexual pentathlon, traversable, race,
religion or belief, colour, nationality, ethnic ongoing or age
Applications for employment by disabled persons are always fully considered, bearing In mind the aptitudes of
the applicant concerned In the event of members of staff becoming disabled every effort IS made to ensure
that their employment with the company continues and that appropriate training as arranged It IS the policy of
the company that the training, career development and promotion of disabled persons should, as far as
possible, be Identical to that of other employees
Provision of information to auditors
Each of the persons who are directors at the time when thus directors' report is approved has confirmed that
» so far as that director IS aware, there IS no relevant audit information of which the company‘s auditors
are unaware, and
» that director has taken all the steps that ought to have been taken as a director In order to be aware of
any Information needed by the company’s auditors In connection with preparing their report and to
establish that the company‘s BUOIIOFS are aware of that information
Auditors
The auditors, PKF (UK) LLP, will be proposed for reappointment In accordance with section ### of the
Companies Act ####
This report was approved by the board on ## December #### and signed on its behalf
I J Webb
Director
Page #

WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the directors‘ report and the financial statements In accordance with
applicable law and regulations
Company law requires the directors to prepare financial statements for each financial year Under that law the
directors have elected to prepare the financial statements In accordance with United Klngdom Generally
Accepted Accounting Practlce (United Kingdom Accounting Standards and applicable law) Under company
law the directors must not approve the financial statements unless they are satisfied that they give a true and
fair view of the state of affairs of the company and of the profit or loss of the company for that period In
prepared these financial statements the directors are required to
» select suitable accounting policies and then apply them consistently,
~ make judgements and estimates that are reasonable and prudent,
» state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained In the financial statements,
~ prepare the financial statements on the going concern basis unless It is Inappropriate to presume that
the company will continue In business
The directors are responsible for keeping adequate accounting records that are suffragette to show and explain
the company‘s transactions and disclose with reasonable accuracy at any time the financial positron of the
company and enable them to ensure that the Financial statements comply with the Companies Act #### They
are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the
prevention and detection of fraud and other Irregulantles
Page #

WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILTS WHOLESALE ELECTRICAL
COMPANY LIMITED
We have audited the financial statements of WIIts Wholesale Electrlcal Company LImIted for the year ended ##
March #### which comprise the profit and loss account, the balance sheet, the cash flow statement, the
statement of total recognised gains and losses and the related notes The financial re Porting framework that
has been applied In thier preparation IS applicable law and Unlted Klngdom Accounting Standards (UnIted
KIngdom Generally Accepted AccountIng Practlce)
ThIs report IS made solely to the company’s members, as a body, In accordance with Chapter # of Part ## of
the CompanIes Act #### Our audit work has been undertaken so that we might state to the company‘s
members those matters we are required to state to them In an auditors' report and for no other purpose To the
fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company
and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed
Respective responsibilities of directors and auditors
As explained more fully In the directors‘ responsibilities statement, the directors are responsible for the
preparation of the financial statements and for being satisfied that they QIVS a true and fair VIEW Our
responsibility IS to audit the financial statements In accordance with applicable law and international Standards
on AudItIng (UK and Ireland) Those standards require us to comply with the AudItIng PractIces Board’s EthIcal
Standards for AUdItOfS
Scope of the audit
An audit Involves obtaining evidence about the amounts and disclosures In the financial statements sufficient to
QIVG reasonable assurance that the financial statements are free from material misstatement, whether caused
by fraud or error ThIs Includes an assessment of whether the accounting POIICIGS are appropriate to the
company‘s circumstances and have been consistently applied and adequately disclosed, the reasonableness of
significant accounting estimates made by the directors, and the overall presentation of the financial statements
Opinion on financial statements
In our opinion the financial statements
» QIVS a true and fair VIEW of the state of the company‘s affairs as at ## March #### and of IIS loss for the
year then ended,
~ have been properly prepared In accordance with UnIted KIngdom Generally Accepted AccountIng
PTBCIICQ, and
~ have been prepared In accordance with the requirements of the Companies Act ####
Emphasis of matter - going concern
In forming our opinion on the Financial statements, which IS not quantified, we have considered the adequacy of
the disclosure made In note # # to the financial statements concerning the company’s ability to continue as a
going concern The company Incurred a net loss of £#,###,### during the year ended ## March #### ThIs
loss, along with the other matters explained In note # # to the Financial statements, Indlcate the existence of a
material uncertainty which may cast significant doubt about the company’s ability to continue as a going
concern The financial statements do not Include the adjustments that would result If the company were unable
to continue as a going concern
Opinion on other matter prescribed by the Companies Act ####
in our opinion the Informatron given In the directors’ report for the financial year for which the financial
statements are prepared IS consistent with the GnancIal statements
Page #

WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WILTS WHOLESALE ELECTRICAL
COMPANY LIMITED
Matters on which we are required to report by exception
We have no Thing to report In respect of the following matters where the CompanIes Act #### requires us to
report to you If, In our opinion
~ adequate accounting records have not been kept, or returns adequate for our audit have not been
received from branches not visited by us, or
¢ the financial statements are not In agreement with the accounting records and returns, or
» certain disclosures of directors’ remuneration Sp€Cin€d by law are not made, or
~ we have not received all the Informatlon and explanations we re Quire for our audit
PW l-l VI’
NeII Dimes (Senior Statutory Auditor)
for and on behalf of PKF (UK) LLP, Statutory auditors
Brlstol
## December ####
Page #

WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED ## MARCH ####
#### #### #### #### #### ####
Note £### £### £### £### £### £###
DIS- Drs-
continued Contlnulng continued Contlnulng
operations operations Total operations operations Total
TURNOVER #,# #,### ##,### ##,### #,### ###,### ###,###
Cost of sales (#,###) (##,###) (##,###) (#,###) (##,###) (##,###)
GROSS PROFIT ### ##,### ##,### #,### ##,### ##,###
AdmInIstratIve expenses (###) (##,###) (##,###) (#,###) (##,###) (##,###)
OPERATING (LOSS)/PROFIT BEFORE
EXCEPTIONAL ADMINISTRATIVE
EXPENSES (###) (#,###) (#,###) ## #,### #,###
ExceptIonal administrative expenses # (#,###) - (#,###) - - -
OPERATING (LOSS)l ROF IT # (#,###) (#,###) (#,###) ## #,### #,###
Income from Gxed asset Investments ---- ### ###
Interest receivable ## ## ~ -
Interest payable # (###) (###) (###) (###)
Other finance (charges)/Income # - (###) (###) - ## ##
(LOSS)l Profit ON ORDINARY ACTIVITIES
BEFORE TAXATION (#,###) (#,###) (#,###) ## #,### #,###
Tax on (loss)/profit on ordinary activities ## ### ### #,### - (###) (###)
(LOS$)l Profit FOR THE FINANCIAL YEAR ## (#,###) (#,###) (#,###) ## #,### #,###
The notes on pages ## to ## form part of these financial statements
Page #

WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED ## MARCH ####
Note
(LOSS)IPROFIT FOR THE FINANCIAL YEAR
Actuarial loss related to pension scheme ##
Deferred tax attributable to actuarial loss ##
TOTAL RECOGNISED GAINS AND LOSSES RELATING TO
THE YEAR
The notes on pages ## to ## form part of these Financial statements
Page #
### #
£###
(#,###)
(###)
###
(#,###)
####
£###
#,###
(#,###)
###
###

WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
REGISTERED NUMBER: ########
BALANCE SHEET
AS AT ## MARCH ####
Note £###
FIXED ASSETS
IntangIbIe fixed assets ##
Tangible Hxed assets ##
FIxed asset Investments ##
CURRENT ASSETS
Stocks ## #,###
Debtors ## ##,###
Cash at bank and In hand -
##,###
CREDITORS: amounts falling due within
one year ## (##,###)
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS: amounts failing due after
more than one year ##
PROVISIONS FOR LIABILITIES
Deferred tax ##
Other pro Visions ##
NET ASSETS EXCLUDING PENSION
SCHEME (LIABILITIES) I ASSETS
Defined benefit pension scheme liability ##
NET ASSETS INCLUDING PENSION
SCHEME (LIABILITIES) / ASSETS
CAPITAL AND RESERVES
Called up share capital ##
Revaluatron reserve ##
Capltal redemption resent/e ##
Proht and loss account ##
SHAREHOLDERS' FUNDS ##
(###)
Page #
### #
£###
##
##,###
#,###
##,###
#,###
##,###
(#,###)
(###)
##,###
(#,###)
##,###
##
###
##
##,###
# #,###
£###
##,###
##,###
##
##,###
(##,###)
(###)
####
£###
##
##.###
#,###
##,###
#,###
##,###
(#,###)
(###)
##,###
(#,###)
##,###
##
###
##
##,###
##,###

WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
BALANCE SHEET (continued)
AS AT ## MARCH ####
The financial statements were approved and authorised for ISSUO by the board and were signed on IIS behalf on
## December ####
¢v
I J Webb
Director
The notes on pages ## to ## form part of these financial statements
Page ##

WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
CASH FLOW STATEMENT
FOR THE YEAR ENDED ## MARCH ####
####
£###
(#,###)
(###)
###
(###)
(##)
Note
Net cash flow from operating activities ##
Returns on Investments and servicing of Hnance ##
TBXBIIOD ##
Capltal expenditure and financial Investment ##
Equlty dividends paid
CASH (OUTFLOW)IINFLOW BEFORE FINANCING
FInancIng ##
(#,###)
(##)
(DECREASE)IINCREASE IN CASH IN THE YEAR
(#,###)
RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDSIDEBT
FOR THE YEAR ENDED ## MARCH ####
####
£###
(Decrease)/Increase In cash In the year (#,###)
Cash outflow from decrease In debt and lease Hnanclng ##
CHANGE IN NET DEBT RESULTING FROM CASH FLOWS (#,###)
New finance lease (##)
MOVEMENT IN NET DEBT IN THE YEAR (#,###)
Net debt at # AprII #### (#,###)
NET DEBT AT ## MARCH #### (##,###)
The notes on pages ## to ## form part of these financial statements
Page ##
####
£too
####
(###)
(####)
(####)
(##)
####
(####)
#,###
####
£###
#,###
#,###
####
(###)
####
(#####)
(####)

WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ## MARCH ####
ACCOUNTING POLICIES
Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention as modified by the
revaluation of f Ix#d assets and In accordance with #pedicab& accounting standards
Group accounts have not been prepared as all of the company‘s SUDSIOIHIIES are permitted to be
excluded from group accounts by VIFIUS of sections ### and ### of the CompanIes Act #### These
#financial statements therefore present Informatlon about the company as an IndIvIdual undertaking
and not about IIS group
GoIng concern
The directors have considered the basis of preparation of the financial statements of the company
on a going concern DESIS
The company made a loss of £#,###,### during the year, as a result of two key factors Flrstly, the
UK wide recess Ion and In particular a significant downturn In construction BCIIVIIY Secondly, a loss
of sales as a result of disrupt Ion to the business following the Implementatlon of SAP WhIlst
conditions remain challenging, trading results have Improved In the current financial year GoIng
forward the directors have prepared de Tailed plans, budgets and cash flow forecasts for the period to
##St March #### which show that the company will be able to operate within IIS available funding
f#CiIIII#S On this basis, the directors consider It BPDFOPFIBIE to prepare the financial statements on
the going concern basis
Turnover
Turnover comp Rises revenue recognised by the company In respect of goods and services sup Plied,
exclusive of Value Added Tax and trade discounts
Revenue IS recognised when goods are despatched
Intangible fixed assets and amortisation
GoodwIIl IS the difference between amounts paid on the acquisition oaf business and the fair value
of the IdentIfIabIe assets and IIabIlItIes It IS amortised to the profit and loss account over IIS
estimated economic life
Tangible fixed assets and depreciation
TangIble fixed assets are stated at cost or valuation less depreciation DeprecIatIon IS provide€d at
rates calculated to WFIIS off the cost or valuation of fixed assets, less thier estimated residual value,
over thier expected useful lives on the folio Wing bases
Freehold property - #% straight line
S/T ERM Leasehold Property over the period of the lease
Plant ## machinery ##% r Educing balance
Motor vehicles - ##% reducing balance
Computer equipment - ##-##% straight line
Assets In the course of construction are not depreciated until brought Into use and classified under
the above headings
Page ##

WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ## MARCH ####
ACCOUNTING POLICIES (continued)
Revaluation of tangible fixed assets
IndIvIdual freehold and leasehold properties are carried at valuation at the balance sheet date A full
valuation IS obtained from a qualified valuer for each property every Eve years, with an InterIm
valuation three years after the previous full valuation, and In any year where It IS likely that there has
been a material change In value
RevaluatIon gains and losses are recognised In the statement of total recognised gains and losses
unless losses exceed the previously IBCOQHISEO gains or reflect a clear consumption of economic
benefits, In which case the losses are recognised In the profit and loss account
Investments
Investments held as Hxed assets are shown at cost less pro Vision for ImpaIrment
Leasing and hire purchase
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed
assets Assets acquired by Hnance lease are depreciated over the shorter of the lease term and thier
useful lives Assets acquired by hire purchase are depreciated over thier useful lives Flnance leases
are those where substantially all of the benefits and risks of owners Hip are assumed by the
company OblIgatIons under such agreements are Included In creditors net of the finance charge
allocated to future periods The finance element of the rental payment IS charged to the prohibit and
loss account so as to produce a constant periodic rate of charge on the net ODIIQBIIOD outstanding In
each p€FIOd
Operating leases
Rentals under operating leases are charged to the profit and loss account on a straight IIne basis
over the lease term
Beneflts received and receivable as an Incentlve to sign an operating lease are recognised on a
straight line basis over the period untie the date the rent IS expected to be adjusted to the prevalent
market rate
# ## Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for
obsolete and slow-moving stocks
Page ##

WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ## MARCH ####
ACCOUNTING POLICIES (continued)
# ## Deferred taxation
Full pro Vision IS made for deferred tax assets and IIZDIIIIISS arising from all timing differences
between the recognition of gains and losses In the financial statements and recognisable In the tax
computation
Deferred tax IS not provided on timing differences arising from the revaluation of Hxed assets In the
financial statements
A net deferred tax asset IS recognised only If It can be regarded as more likely than not that there wail
be suitable taxable profits from which the future reversal of the underlying timing differences can be
deducted
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time
the timing differences are expected to reverse
Deferred tax assets and IIBDIIIIISS are not discounted
# ## Foreign currencies
Monetary assets and IIEDIIIIIES denominated In foreign currencies are translated Into sterling at rates
of exchange ruling at the balance sheet date
Transactlons In foreign currencies are translated Into sterling at the rate ruling on the date of the
transaction
Exchange gains and losses are recognised in the profit and loss account
# ## Pensions
The company operates a defined contribution pension scheme and the pension charge represents
the amounts payable by the company to the fund In respect of the year
The company operates a denied benefits PENSION scheme and the pension charge IS based on a
full actuarial valuation dated # April ####
ThIs scheme IS closed to future accrual of benefit The assets of the scheme are held separately
from those of the company, being Invested with Insurance companies The funds are valued every
three years by a professionally qualified Independent actuary, the rates of contribution payable are
deter Mining by the actuary In the Intervenlng years the actuary reviews the continuing
appropriateness of the rates Contrrbutlons to this fund are charged to the profit and loss account so
as to spread the cost of pensions over the employees' working lives within the company The regular
cost IS attributed to IndIvIdual years using the projected unit method of valuation
TURNOVER
All turnover arose within the Unlted Klngdom
The whole of the turnover and profit before taxation IS attributable to electrical wholesaling The turnover
and profit before taxation from dis Continued SCIIVIIIES arose from SIX branches which were closed during
the year
Page ##

WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ## MARCH ####
OPERATING (LOSS)IPROFIT
The operating (loss)/profit IS stated after charging(cr Editing)
AmortIsatIon - IntangIble fixed assets
DeprecIatIon of tangible fixed assets
- owned by the company
- held under Hnance leases
Operating lease rentals
- plant and machinery
- other operating leases
Dlfference on foreign exchange
Exceptlonal administrative expenses (see note #)
Proit on disposal of fixed assets
####
£###
:I
#,###
###
#,###
#,###
(#)
#,###
(##)
AUDITORS' REMUNERATION
Fees payable to the company‘s auditor for the EUOII of the
company‘s annual accounts
Fees payable to the company‘s auditor and Its associates In
respect of
Other services relating to taxation
Servlces relating to corporate finance transactions
All other den/Ices
####
£###
##
#
Fees payable to the company’s auditor and IIS associates In
connection with the company’s pension scheme(s) In respect of
The auditing of accounts of the scheme(s)
####
£###
#
Page ##
####
£###
#
###
##
#,###
#,###
(#)
(###)
####
£###
##
##
#
##
####
£###
#

WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ## MARCH ####
STAFF COSTS
Staff costs, Includlng directors‘ remuneration, were as follows
#### ####
£### £###
Wages and SBIBFIES ##,### ##,###
Soclal security costs #,### #,###
Other pension costs (Note ##) ### ###
##,### ##,###
The average monthly number of employees, Includlng the directors, during the year was as follows
#### ####
No. No
AdmInIstratIon ## ##
Sales and distribution ### ###
Warehouslng ### ###
### ###
DIRECTORS' REMUNERATION
#### ####
£### £###
Emoluments ### ###
Company pension contributions to money purchase pension
schemes ## ###
Compensatlon for loss of office ## -
Dunng the year retirement benefits were accruing to # directors (#### - #) In respect of money purchase
pension schemes
The highest paid director received remuneration of £###,### (#### ~ £###,###)
The value of the company’s contributions paid to a money purchase pension scheme In respect of the
highest paid director amounted to £##,### (#### - £##,###)
INTEREST PAYABLE
####
£###
On bank loans and overdrafts ###
On finance leases and hire purchase contracts ##
###
Page ##
####
£###
###
##
###

WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ## MARCH ####
OTHER FINANCE (CHARGES)IINCOME
####
£###
Expected return on pension scheme assets ###
Interest on pension scheme IIBOIIIIISS (###)
(###)
EXCEPTIONAL ITEMS
####
£###
Restructurlng costs ###
Onerous lease charge ###
Impairment of Investment In subsidiary (see note ##) ###
#,###
####
£###
###
(###)
##
####
£###
The restructuring costs relate to redundancies and branch closure costs arising as part of a restructuring
exercise which took place during the year The onerous lease charge relates to costs which the company
I# committed to on branches which have been vacated during the year
TAXATION
####
£###
Analysis of tax (credit)Icharge In the year
Current tax (see note below)
UK corporation tax charge on (loss)/prom for the year -
Adjustments In respect of prior periods (###)
Total current tax (###)
Deferred tax
OrIgInatIon and reversal of timing differences (note ##) (###)
Release of pension scheme IIEDIIIIIBS -
Total deferred tax (see note ##) (###)
Tax on (loss)IprofIt on ordinary activities (#,###)
Page ##
####
£###
###
(##)
###
###
##
###
###

WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ## MARCH ####
TAXATION (continued)
Factors affecting tax charge for the year
The tax assessed for the year IS higher than (#### - lower than) the standard rate of corporation tax In
the UK (##%) The differences are explained below
#### ####
£### £###
(Loss)/prom on ordinary BCIJVIIIES before tax (#####) #.###
(Loss)/profit on ordinary GCIIVIIISS multi Plied by standard rate of
corporation tax In the UK of ##% (#### - ##%) (#,###) ###
Effects of:
Expenses not deductible for tax purposes ## ###
CapItal allowances for year In excess of depreciation ### (##)
Income adjustments (##) (###)
Unrelleved tax losses #,### -
TImIng differences related to the pension liability ### (###)
Adjustments to tax charge In respect of prior periods (###) (##)
Current tax (credit)/charge for the year (see note above) (###) ###
Factors that may affect future tax charges
No pro Vision has been made In the financial statements for any tax arising on f Ix€d assets which have
been revalued as there IS no blinding commitment to sell these assets at the balance sheet date The tax
that would have been payable had the assets been sold at the year end amounted to £###,### (#### -
£###,###)
The company has tax losses of approximately £#,###,### (#### - £NIl) available to carry forward to be
offset against future profits No deferred tax asset has been recognised In respect of these losses as the
recognisable criteria set out In Frnanclal Reportlng Standard ## have not been met
INTANGIBLE FIXED ASSETS
Goodwill
£###
Cost
At # Aprll #### and ## March #### ##
Amortisation
At # AprII #### #
Charge for the year #
At ## March #### #
Net book value
At ## March #### ##
At ## March #### ##
Page ##

WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ## MARCH ####
TANGIBLE FIXED ASSETS
Assets in
Freehold Short the course
land and leasehold Motor Plant and of construe-
buildings property vehicles machinery auction Total
£### £### £### £### £### £###
Cost or valuation
At # Apnl #### #,### #,### ### #,## # #,### ##,###
AddItIons - - ### ### ###
DISDOSBIS - - (##) (###) (##) (###)
Transfer between
classes ## # ## - #,### (#,###) -
At ## March #### #,### #,### ## #,### - ##,###
Depreciation
At # AprII #### ### #,### ### #,### #,###
Charge for the year ### ### # ### #,###
On disposals - - (##) (###) (###)
At ## March #### ### #,### ## #,### #,###
Net book value
A### March #### #,### #,### ## #,### - ##,###
A( ## i(/jam), #### #,### #,### ## #,### #,### ##,###
The net book value of assets held under finance leases or hire purchase contracts, Included above, are
as follows
#### ####
£### £###
Freehold land and buldings ## ##
Short leasehold ## ##
Motor vehicles - ##
Plant and machinery ## ###
### ###
The freehold land and buldings were revalued on ## March #### by KIng Sturge LLP Chartered
Surveyors on an open market existing use basis and the valuation was prepared In accordance with
RICS Appralsal and Valuatlon Standards published by the RICS
A further valuation was performed In February #### by BNP ParIbas Real Estate Advlsory & Property
Management UK LImIted on a market value basis The results of this valuation supported the book value
of the freehold land and buildings, as a result, no adjustment has been made to thier carrying value
Page ##

WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ## MARCH ####
TANGIBLE FIXED ASSETS (continued)
If the freehold land and buildings had not been Included at valuation they would have
under the historical cost convention as follows
been Included
Cost #,### #,###
Accumulated depreciation (###) (###)
Net book value #,### #,###
FIXED ASSET INVESTMENTS
Shares in
group under- Unlisted
takings Investments Total
£### £### £###
Cost or valuation
At # AprIl #### and ## March #### #,### # #,###
Impairment
At # AprIl #### #,### #,###
Charge for the year ### ###
At ## March #### #,### #,###
Net book value
At ## March #### #,### # #,###
At ## March #### #,### # #,###
Page ##

WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ## MARCH ####
FIXED ASSET INVESTMENTS (continued)
Subsidiary undertakings
The following were subsidiary undertakings of the company
Name Class of shares Holding
Rlch #, Pattlson LImIted Ordinary ###%
Deslgn LIghtIng LImIted Ordinary ###%
Regham LImIted Ordinary ###%
Control and Hazardous SDSCIBIISIS LImIted Ordinary ###%
Gwent Electncal Supplles LImIted Ordinary ###%
MItchelI's Electncal Supplles LImIted Ordinary ###%
Curwen-Mlller Company LImIted Ordinary ###%
Brltsource international LImIted Ordinary ###%
Howard Condults LImIted Ordinary ###%
SSCUFIIV Supplles & Systems LImIted Ordinary ###%
Teamtex Tradlng LImIted Ordinary ###%
Kent Electncal DISIFIDUIOTS LImIted Ordinary ###%
Range Electncal Supplles LImIted Ordinary ###%
Petsoe LImIted Ordinary ###%
D V R (Electncal Wholesale) LImIted Ordinary ###%
DVR Electncal Wholesale (Beds) LImIted " Ordinary ###%
Range Electncal LImIted ** Ordinary ###%
* Shares held IndIrectly by Petsoe Llmltéd
** Shares held Indlrectly by Range Electncal Supplles LImIted
The aggregate of the share capital and reserves as at ## March #### and of the prohibit or loss for the
year ended on that date for the subsidiary undertakings were as follows
Aggregate of
share capital
Name and reserves
£###
Rlch #. Pattlson LImIted #,###
Deslgn LIghtIng LImIted ###
Regham LImIted #,###
Control and Hazardous SDGCIBIISIS LImIted (##)
Gwent Electncal Supplles LImIted ##
MItchell‘s Electncal Supplles LImIted ###
Curwen-Mlller Company LImIted ##
Brltsource international LImIted (##)
Howard Condults LImIted ###
SBCUTIIV Supplles & Systems LImIted (##)
Teamtex Tradlng LImIted ###
Kent Electncal DIstrIbutors LImIted ###
Range Electncal Supplres LImIted ###
Petsoe LImIted ###
D V R (Electncal Wholesale) LImIted ##
DVR Electncal Wholesale (Beds) LImIted *
Range Electncal LImIted "*
Profit./(loss)
£###
All of the above subsidiaries are dormant and therefore group accounts are not required to be prepared
Page ##

»
I
WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ## MARCH ####
STOCKS
### #
£###
Finished goods and goods for resale #,###
DEBTORS
### #
£###
Trade debtors ##,###
Other debtors ##
Prepayments and accrued Income ###
# #,###
CREDITORS.
Amounts falling due within one year
####
£###
Bank loans and overdrafts #,###
Net obligation uender finance leases and hire purchase contracts ##
Trade red Irots ##,# ##
Amounts owed to group undertakings #,###
Corporatlon tax -
Soclal SGCUFIIY and other taxes ###
Other creditors ###
Accruals and deferred Income #,###
##,###
####
£###
##,###
####
£###
##,###
##
#,###
##,###
####
£###
#,###
###
##,###
#,###
###
###
###
#,###
##,###
Bank loans and overdrafts are secured by a fixed charge over all present freehold and leasehold
property, a first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both
present and future, and a first floating charge over all assets and undertakings both present and future
OblIgatIons under finance lease and hire purchase contracts are secured by charges on assets on
finance
Included within bank loans and overdrafts IS an INVOICE dis Counting creditor of £#,###,### (#### - £NIl)
which IS secured on the debts It relates to
Page ##

WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ## MARCH ####
CREDITORS:
Amounts falling due after more than one year
####
£###
Bank loans #,###
Net obligation uender finance leases and hire purchase contracts ##
#,###
CIGOIIOTS Include amounts not wholly repayable within # years as follows
####
£###
Bank loans - repayable by Instalments ###
####
£###
#,###
###
#,###
####
£###
#,###
The bank loans not wholly repayable within five years are repayable by equal monthly Instalments at a
rate of # ##% over base
OblIgatIons under finance leases and hire purchase contracts, Included above, are payable as follows
### # ####
£### £###
Between one and IIVS years ## ###
Bank loans and overdrafts are secured by a fixed charge over all present freehold and leasehold
property, a first f Ix€d charge over book and other debts, chattels, goodwill and uncalled capital, both
present and future, and a first floating charge over all assets and undertakings both present and future
OblIgatIons under Hnance lease and hire purchase contracts are secured by charges on assets subject
to finance
DEFERRED TAXATION
### #
£###
At be Ginning of year ###
(Released during)/charge for year (###)
At end of year -
The pro Vision for deferred taxation IS made up as follows
### #
£###
Accelerated capital allowances ##
Short term timing differences (##)
Page ##
####
E###
###
###
###
####
£###
###
(##)
###

WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ## MARCH ####
PROVISIONS
Onerous
lease
provision
£###
At# Aprll #### -
AddItIons ###
At ## March #### ###
Onerous lease provision
A pro Vision has been made In respect of future rental payments which the company IS committed to for
premises vacated
SHARE CAPITAL
#### ####
£### £###
Allotted, called up and fully paid
##,### OrdInary shares of £# each ## ##
RESERVES
Capital
red empt'n Revaluation Profit and
reserve reserve loss account
£### £### £###
At# AprIl #### ## ### ##,###
Loss for the year - - (#,###)
DIvIdends Equlty capital - (##)
Penslon reserve movement - (###)
Transfer between RevaluatIon reserve and P/L account - (##) ##
At ## March #### ## ### ##,###
The closing balance on the profit and loss account Includes £#,###,### (#### - £#,###,###), stated after
deferred taxation of £###,### (#### - £###,###), In respect of pension scheme liabilities of the company
pension scheme
Page ##

WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ## MARCH ####
RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS
Openmg shareholders' funds
(Loss)/profit for the year
DIvIdends (Note ##)
Other recognised gains and losses during the year
Closlng shareholders' funds
DIVIDENDS
DIVIOSDOS paid on equity capital
NET CASH FLOW FROM OPERATING ACTIVITIES
Operating (loss)/profit
AmortIsatIon of IntangIble Hxed assets
DeprecIatIon of tangible fixed assets
Impalrments of Investment
Profit on disposal of tangible fixed assets
Decrease In stocks
Decrease In debtors
(Decrease)/Increase In creditors
Increase In pro Visions
Contrlbutlons to deaned benefit pension scheme
Net cash (outflow)/Inflow from operations
####
£###
##,###
(#,###)
(##)
(###)
##,###
####
£###
##
####
£###
(#,###)
#
#,###
###
(##)
#,###
#,###
(#,###)
###
(###)
(# ,###)
ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN CASH FLOW STATEMENT
Returns on investments and servicing of finance
Interest FSCSIVSO
Interest paid
HIre purchase Interest
DIvIdends received
Net cash outflow from returns on investments and servicing
of finance
Page ##
####
£###
##
(###)
(##)
(###)
####
£###
##,###
#,###
(##)
(#,###)
##,###
####
£###
##
####
£###
#,###
#
###
(###)
###
#,###
###
(###)
#,###
####
£###
(###)
(##)
###
(###)

WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ## MARCH ####
ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN CASH FLOW STATEMENT (continued)
Taxation
Corporatlon tax recovered/ (paid)
Capital expenditure and financial investment
Purchase of tangible f Ix€d assets
Sale of tangible Hxed assets
Net cash outflow from capital expenditure
Financing
New long-term loan
Repayment of long-term loan
Repayment of finance leases
Net cash outflow from financing
ANALYSIS OF CHANGES IN NET DEBT
Cash at bank and In hand
Involce dis Counting
Bank overdraft
Debt:
Flnance leases
Debts due within one year
Debts falling due after more than one year
Net debt
### # ####
£### £###
### (# ,###)
#### ####
£### £###
(###) (#,###)
### ###
(###) (# ,###)
#### ####
£### £###
#,### -
(#,###) (#,###)
(###) (##)
(##) (# ,###)
Other
non-cash
# April Cashflow changes ## March
#### ### #
£### £### £### £###
## ### - ###
- (#,###) - (#,###)
(###) ### -
(###) (#,###) (#,###)
(###) ### (##) (###)
(#,###) (###) ### (#,###)
(#,###) - (# ##) (#,###)
(#,###) (#,###) (##) (##,###)
Page ##

WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ## MARCH ####
PENSION COMMITMENTS
The company‘s total pension charge Included within operating profit was £###,### (#### - £###,###),
being £NIl (#### - £NIl) In respect of IIS defined benefit pension arrangements and £###,### (#### -
£###,###) In respect of IIS defined contribution pension arrangements
Deined CODIFIDUIIOD pension scheme
The company operates a defined contribution pension scheme The assets of the scheme are held
separately from those of the company In an Independently administered fund The pension cost charge
represents contributions payable by the group to the fund and amounted to £###,### (#### - £###,###)
Contrrbutlons totalling £##,### (#### - £##,###) were payable to the fund at the balance sheet date and
are Included In creditors
The company operates a defined beneath pension scheme
The company has fully adopted FRS ## 'Retlrement Beneits The company Includes the assets and
liabilities of the scheme In ItS balance sheet Current SEFVICE costs, curtailment and settlement gains and
losses and net financial returns are Included In the profit and loss account In the period to which they
relate Actuanal gains and losses are Included In the statement of total recognised gains and losses
A full actuarial valuation was carried out as at # AprIl #### and has been updated to ## March #### by a
qualified Independent actuary
The amounts recognised In the balance sheet are as follows
#### ####
£### £###
Present value of funded obligations (##,###) (#,###)
Falr value of scheme assets ##,### #,###
DSIICII In scheme (#,###) (#,###)
Related deferred tax asset/ (IIabIlIty) ### ###
Net IIBDIIIIV (#,###) (#,###)
The amounts recognised In PTOIII or loss are as follows
#### ####
£### £###
Interest on obligation (###) (###)
Expected return on scheme assets ### ###
Total (###) ##
Actual return on scheme assets #,### (#,###)
Page ##

WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ## MARCH ####
PENSION COMMITMENTS (continued)
Changes In the present value of the defined b#f#e Fit#biog#toil# are as follows
#### ####
£### £###
OpenIng defined benefit obligation #,### #,###
Interest cost ### ###
Actuanal losses #,### ###
Beneflts paid (###) (###)
Closlng defined benefit obligation ##,### #,###
The sensitivity regarding the principal assumption used to measure the scheme IIEDIIIIISS IS as follows
Dlscount rate - an Increase / decrease In the assumption of #% would result In a decrease / Increase In
the scheme Ii#DiIitI€S of ##%
Changes In the fair value of scheme assets are as follows
#### ####
£### £###
OpenIng fair value of scheme assets #,### #,###
Expected return ### ###
Actuanal gain/(loss) #,### (#,###)
Contrlbutlons by employer ### ###
Benefits paid (###) (###)
# #,### #,###
The overall expected return on assets IS calculated as the weighted average of the expected returns on
each IndIvIdual asset class The expected return on BQUIIIES IS the sum of Inflatlon, the dividend yield and
economic growth The return on gilts and bonds IS the current market yield on long term QIIIS and bonds
The expected return on property has been set equal to the expected return on equities The expected
return on other assets IS the current Interest rate set by the Bank of England
The expected return on scheme assets used In the preparation of the #### figures was # ##%
The assets of the scheme at ## March #### have been Included at thier fair value using the bid value of
the scheme's Investments The assets of the scheme at ## March #### have not been restated as there
would be no cumulative Impact on the financial statements
The cumulative amount of actuarial losses recognised In the statement of total recognised gains and
losses was £#,###,### (#### - £#,### ,#O#)
The company expects to contribute £###,### to IIS defined benefiter#SIOIl scheme In ####
The major CSIGQOFIGS of scheme assets as a percentage of total scheme assets are as follows
#### ####
EquItIes ##.## % ## ## %
Gllts and bonds ##.## % ## OO %
Other - % # O# %
Page ##

WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ## MARCH ####
PENSION COMMITMENTS (continued)
PrIncIpal actuarial assumptions at the balance sheet date (expressed as weighted averages)
#### ####
Dlscount rate at ## March #.## % # ## %
Expected return on scheme assets at ## March #.## % # ## %
Future pension Increases #.## % # ## %
Future price Inflatlon #.## % # ## %
The life expectations (In years), assuming the mortality rates used by the actuary, on retirement at age
## were as follows
RetIrIng today - Males ## # (#### - ## #), females ## # (#### - ## #)
RetIrIng In ## years - Males ## # (#### - ## #), females ## # (#### - ## #)
Amounts for the current and DFSVIOUS four periods are as follows
Deflned benefit pension schemes
#### #### #### #### ####
£### £### £### £### £###
Deflned benefit
ODIIQBIIOD (##,###) (#,###) (#,###) (#,###) (##,###)
Scheme assets ##,### #,### #,### #,### #,###
(DSIICII)/SUTDIUS (#,###) (#,###) ### (###) (#,###)
Expenence
adjustments on
scheme IIBDIIIIISS (#,###) (###) (#) (##) (##)
Experrence
adjustments on
scheme assets #,### (#,###) (###) (###) ###
OPERATING LEASE COMMITMENTS
At ## March #### the company had annual co
commitments under non-cancellate oprating leases as
follows
Land and buildings Other
#### #### #### ####
£### £### £### £###
Expiry date:
Wlthln # year ## ### ### ###
Between # and # years ### ### #,### ###
After more than # years ### ### - #
Page ##

At the balance sheet date £##,### (#### - £##,###) was due from Control Hazardous Specralrst LImIted,
WILTS WHOLESALE ELECTRICAL COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED ## MARCH ####
DIRECTORS' BENEFITS: ADVANCES, CREDIT AND GUARANTEES
Durrng the year the company was charged £##,### (#### - £##,###) by Wrrght Hassall, a firm of
solicitors of which M V Lewrs IS a partner
Durrng the year dividends were paid to D J Purdon totalling £#,### (#### - £#,###)
RELATED PARTY TRANSACTIONS
At the balance sheet date £###,### (#### - £###,###) was due to Petsoe LImIted, a subsidiary
company Durrng the year a dividend of £NIl (#### - ###,###) was received from Petsoe Lrmrted
At the balance sheet date £##,### (#### - £##,###) was due from Brrtsource international Lrmrted, a
subsidiary company
a SUDSIOIBFY company
At the balance sheet date £###,### (####
company
At the balance sheet date £##,### (#### -
subsidiary company
At the balance sheet date £###,### (#### -
SUDSIOIETV company
At the balance sheet date £###,### (####
a subsidiary company
At the balance sheet date £###,### (#### -
- £###,###) was due to Desrgn Lrghtrng LImIted, a subsidiary
£##,###) was due to Gwent Electncal Supplres Lrmrted, a
£###,###) was due to Kent Electrrcal DIstrIbutors LImIted, a
- £###,###) was due to MItchell‘s Electncal Supplres Lrmrted,
£###,###) was due to Range Electncal Supplres Lrmrted, a
subsidiary company
At the balance sheet date £#,###,##O (#### - £#,###,##O) was due to Regham Lrmrted, a SUDSIUIBIY
company
At the balance sheet date £#,###,### (#### - £#,###,###) was due to Rrch & Pattrson Lrmrted, a
SUDSIOIBTV company
At the balance sheet date £##,### (#### - £##,###) was due to Securrty Supplres & Systems Lrmrted, a
subsidiary company
At the balance sheet date £###,### (#### - £###,###) was due to Teamtex Tradrng Lrmrted, a subsidiary
company
At the balance sheet date £### (#### - £###) was due from Curwen Mrller Llmltéd, a subsidiary
company
CONTROLLING PARTY
The company is controlled by WW Holdrngs Lrmrted, a company registered In Guernsey
The ultimate controlling party IS D Krngsbury
Page ##